The GameFi market cap dropped almost 12% from $32.66 billion to $28.85 billion over the last seven days.
TL;DR
- FED not allowed to hold Bitcoin
- GameFi market continues its decline
- Ronin shows strength as market corrects
- CyberKongz receives Wells notice from SEC
- Animoca Brands Japan partner with Oasys
Introduction
Bitcoin had skyrocketed past $108,000 before it dropped to under $99,000 as Federal Reserve Chair Jerome Powell said, “We’re not allowed to own Bitcoin.”
Of course dummy, the Fed’s never been allowed to, but the U.S. Treasury can.
GameFi continues its decline as the whole market corrects and Bitcoin claims back dominance.
Market Overview
The GameFi market cap dropped almost 12% from $32.66 billion to $28.85 billion over the last seven days.
The top GameFi tokens showed a correlated and steady decline over the last week as Bitcoin dominance increased.
Source: CMC
According to DeFiLlama’s Narrative Tracker, GameFi dropped a few spots and was ranked eighth on the 30-day charts but still outperformed the crypto majors, Bitcoin, Ethereum, Solana and even meme coins. Hmmm, could’ve fooled us.
On the seven-day chart, we see GameFi only in 18th place, as Bitcoin and Trump inauguration news dominate.
Top Coin Movements
Most Web3 gaming tokens are in the red but Ronin performed well as South Korea’s largest trading platform announced the listing of RON, instantly adopting thousands, if not millions of gamers to the network.
Wilder World is also showing strength while teasing some big names.
Source: CMC
Top Gainers:
- Ronin (RON): +20.10%
- Wilder World (WILD): +3.50%
- ApeCoin (APE): +1.79%
Top Decliners:
- Baby Doge Coin (BabyDoge): -20.04
- Kadena (KDA): -16.36%
- GMT (GMT): -12.74%
- SKALE (SKL): -9.24%
- Gala (GALA): -7.20%
Blockchain Gaming Activity This Week
Many people are upset and disappointed with Illuvium and the approach they took. Will we see a comeback?
GameFi adoption is looking slightly better this week with at least four projects showing gains.
- LOL’s UAW soars by 44.68% as they collaborate with CrossFi, providing a next-generation solution that bridges fiat and cryptocurrency.
- Alien Worlds surges by 8.21% while they tap into Union DAOs.
- World of Dypians rises by 7.86% and secures second place in Taiko’s Trailblazers Season 2.
- Seraph: In The Darkness is up by 6.3% as AI companions evolve with player behavior.
Latest Blockchain Gaming News
CyberKongz Receives Wells Notice
CyberKongz, a gaming-focused NFT project, has received a Wells Notice from the SEC, warning of potential enforcement action.
The team is frustrated about what they see as the SEC’s lack of understanding of blockchain technology, pointing to false accusations, inaccuracies, and troubling consequences for the Web3 gaming space.
The SEC claims that an ERC-20 token tied to a blockchain game must be registered as a security—a stance that could severely impact the entire industry.
They also had an issue with a 2021 contract migration, misinterpreting it as a token sale, which the team says shows a flawed understanding of how smart contracts work.
Despite being a small team with limited resources, CyberKongz is determined to fight these claims and push for clearer rules in the digital asset world.
They criticized the current administration for what they view as an anti-crypto stance and expressed hope for more supportive policies in the future.
Shrapnel Changes Leadership
Neon Machine, the game developer behind the upcoming Avalanche-based game Shrapnel, has announced major leadership changes as it prepares for the game’s 2025 launch.
Ken Rosman, formerly of Microsoft’s Xbox division, has been appointed the new CEO, as co-founder and former CEO Mark Long transitions to an advisory role.
The restructuring comes after unresolved legal disputes involving six of Neon Machine’s co-founding directors, including Long and controlling shareholder Cort Javarone.
Ubisoft Launch and Mint
Ubisoft has confirmed that Captain Laserhawk: The G.A.M.E. will launch on Dec. 18 on the Ethereum layer-2 network Arbitrum. The company has released a free NFT mint, distributing 10,000 NIJI Warrior ID Cards.
Dungeon Crawler on Ronin
The team behind Pixels has announced a new game, Pixel Dungeons, developed in partnership with Crack and Stack. This game allows players to mine PIXEL tokens, defeat goblins with TNT, dodge lava, and sabotage opponents.
Ton Trading Bot Partners With Kat Knight
The Ton Trading Bot has partnered with Kat Knight, a game on the TON Network, integrating Web3 gaming with decentralized finance (DeFi). This collaboration combines advanced trading tools with a gaming environment.
Kat Knight allows players to earn KAT tokens daily. Within just 72 hours of launch, the game attracted 100,000 players, securing its spot among the top three games on the TON Network.
What You Can Do Now
- Focus on quality over hype: look out for games that people play for fun rather than just to earn.
- Check for real utility and in-game integration: projects where tokens and NFTs have multiple use cases within the game such as staking, upgrades, and crafting, tend to be more sustainable.
- Evaluate team experience and transparency: teams with a proven track record in gaming or blockchain are more likely to deliver.
- Assess community activity and growth: high player retention and active communities (Discord, Twitter, Reddit) show that a game can attract and keep players.
- Check out all the latest developments on the RON chain.
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